the following amounts summarize transeer company s merchandising activities during 2 4375354

The following amounts summarize Transeer Company’s merchandising activities during 2014. Set up T-accounts for Merchandise Inventory and Cost of Goods Sold. Then record the activities directly in the accounts and calculate the account balances. Cost of merchandise sold to customers in sales transactions …………… $180,000 Merchandise inventory balance, Dec. 31, 201 3 …………………………… 35,000 Invoice cost of merchandise purchases…………………………………… 186,000 Shrinkage determined on Dec. 31, 2014……………………………………. 31,000 Cost of transportation-in ……………………………………………………. 1,900 Cost of merchandise returned by customers and restored to inventory……… 2,200 Purchase discounts received…………………………………………………. 1,600 Purchase returns and allowances received…………………………………… 4,100 Analysis Component: You are the inventory manager and have reviewed these numbers. Comment on the shrinkage View Solution:
The following amounts summarize Transeer Company s merchandising activities during 2014

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